Beans and meal also backed away from early highs. This morning traders seemed to conclude that Sunday night concerns about excessive rainfall and crop damage in the western Corn Belt were overblown, which apparently triggered widespread selling. The weak bean result on the Export Inspections report may have triggered sales as well. Asian palm strength offered persistent support for soyoil values. July soybeans slid 0.5 cent to $14.1525/bushel as lunchtime loomed Monday, while July soyoil climbed 0.44 cents to 40.57 cents/pound, and July soymeal dropped $4.6 to $454.6/ton.

Cattle traders may be anticipating continued beef strength. Stunning wholesale gains likely played a major role in boosting cash and futures prices for cattle last week. Traders are probably expecting more of the same during the days just ahead, although deferred gains apparently reflect longer-term bullishness. August cattle rallied 0.57 cents to 146.90 cents/pound in late Monday morning action, while December jumped 1.12 to 151.62. Meanwhile, August feeder cattle advanced 0.75 cents to 207.62 cents/pound and October gained 0.70 to 209.02.

Last week’s poor close may be weighing on hog futures. The cash hog and wholesale pork markets seem to be performing very well at this point. However, after rallying early last week, nearby hog futures posted a disappointing performance late last week. That may explain today’s early weakness in the face of continued cash/wholesale support. August hog futures sagged 0.35 cents to 128.80 just before the lunch-hour Monday, while December lost 0.32 cents to 96.22.